Show Notes - Every Business Needs a Hero Podcast

Curing Cashflow Problems in your Business | Hero Story - Karl Schwantes from Xennox Diamonds talks about Cashflow Management, Succession transition of the family business and how to create remarkable customer experiences | #4

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One of the critical issues amongst business owners is cashflow. A lot of stresses come from this area and knowing the keys to improve it and how to deal with it in your business outside of the cliched “follow up people who haven’t paid” is our Hot Topic for this episode. In our Hero story we speak with Karl Schwantes, of Xennox Diamonds, an award winning, second generation family jeweller from Brisbane who creates magnificent pieces of jewellery whilst creating remarkable experiences for customers.

A bit about Karl Schwantes

Karl Schwantes is the Managing Director of Xenoxx Diamonds, based in Brisbane QLD. He grew up in a family business, folding letters to send out to clients at a young age and being involved in selling. Wearing different hats at first to help hone his skills. Karl went to University of Queensland and did a science degree majoring in Psychology and spent years as an Artillery captain. Karl has a diploma of gemology, is a diamond grader, all of which have helped him become an award winning jeweller.

As part of his Hero Story, Karl takes us through the transition of the family business, the company’s unique sales processes and value added campaigns. We also discuss cashflow strategies including how they were able to im plement changes which reduced inventory by $1 Million dollars!

Top 3 Takeaways

Focus on customer experience – it is what contributes and helps the business’s google reviews and word of mouth recommendations.
Creative ways to manage cashflow, as well as influence increased sales.
Treat your team like you treat your customers.

Resources and Links

Find out more about Xennox Diamonds https://www.xennoxdiamonds.com.au/

Connect with Karl on Linked in to learn more about his 5 Star Google Reviews platform Karl Schwantes – Linked In

[00:35:27]

Hot Topic Summary – Curing Cashflow Problems in your business

Do you ever wonder where the next bit of income is coming from or how the next project is going to be funded? Not understanding your day to day business affects the business cashflows.

Being on top of steady cashflow is crucial in your business.. In this episode we look at the main drivers to help cure the most critical issues for business owners.

Key drivers for steady cashflow surplus:

Sales – increasing sales. The more you earn, the more cash banked.
Expenditure – having a deep understanding on the things you spend, allowing you to reduce costs where relevant.
Timing of cashflow – speeding up money coming in or slowing down cash going out.

Whilst appearing simple on the surface, each of these three key drivers, or levers, have a host of complex strategies and implementation behind them.

Listen to the full podcast for more insights.

[0:01:03]

Quick Question: “Why is my accountant telling me I made a significant profit and yet I have no money in the bank account?”

Top Tips

Understand the difference between Profit and Cashflow
Be aware of the cash attributed to reducing debt
Don’t draw more money for yourself than what is actually being generated by the business.

[ 01:07:31 ]

As featured on the Podcast